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L Brands Tops Q1 Profit Forecasts

L Brands Inc. on Wednesday reported fiscal first-quarter earnings of $250.5 million. The results topped Wall Street expectations.
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  • Associated Press

COLUMBUS, United States — L Brands Inc. on Wednesday reported fiscal first-quarter earnings of $250.5 million.

On a per-share basis, the Columbus, Ohio-based company said it had net income of 84 cents. Earnings, adjusted for non-recurring gains, came to 61 cents per share.

The results topped Wall Street expectations. The average estimate of 19 analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.

The owner of Victoria's Secret, Bath & Body Works and other chain stores posted revenue of $2.51 billion in the period, which did not meet Street forecasts. Fifteen analysts surveyed by Zacks expected $2.52 billion.

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For the current quarter ending in July, L Brands expects its per-share earnings to range from 60 cents to 65 cents.

The company expects full-year earnings in the range of $3.50 to $3.70 per share.

L Brands shares have increased slightly more than 2 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 3 percent. In the final minutes of trading on Wednesday, shares hit $88.58, a climb of 60 percent in the last 12 months.

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